Updated: May 22, 2024
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Life insurance provides a financial lifeline for your beneficiaries when you pass away. There are numerous life insurance companies in Pittsburgh, but the best option for you will depend on your needs and profile.
MoneyGeek broke down the best life insurance companies in Pittsburgh for different profiles, including for average adults, smokers and seniors. We also highlighted the most popular life insurance companies and those with the largest market share in Pittsburgh.
BestLife InsurancePittsburgh, PABest Life Insurance Companies in Pittsburgh, PA, for 2023
Mass Mutual offers the cheapest life insurance in Pittsburgh for males and females, at $10 per month for $250K in coverage. Although this level of coverage is affordable, it may not be sufficient for most people.
In Pittsburgh, the state-recommended coverage amount is $718,000. This recommended coverage is based on state-specific factors like the cost of living, average personal debt and average income, among other factors.
For the state-recommended coverage of $718,000, Nationwide offers the cheapest life insurance in Pittsburgh, PA at an average monthly cost of $16 for women and $18 for men.
Cheapest For | $250K Coverage | $718K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
Life insurance rates vary depending on gender. Men in Pittsburgh pay marginally higher rates (0.41%) than the state average, while women pay 3% less.
In Pittsburgh, life insurance for men costs an average of $18 per month for $250K in coverage, while the same coverage for women costs $16 per month.
For life insurance with coverage of $718K, the recommended coverage in Pittsburgh, men pay an average of $41 per month, while women pay an average of $31 per month.
Pittsburgh life insurance rates for different term lengths also vary between men and women. For a 10-year term life insurance policy, men pay an average of $25 per month, while women pay an average of $20 per month.
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $29 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $37 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $28 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Pittsburgh using average buyer profile statistics, including the average age of 33, the average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $718,000.
Gender is a significant factor in the cost of life insurance. On average women pay less for life insurance than men because women have a higher life expectancy.
Factors, such as a higher susceptibility to heart disease, lead to a shorter life expectancy for men and make life insurance premiums more costly.
Although life insurance is cheaper for women, studies show that more men buy life insurance than women. However, life insurance is just as important for women because they also play a role in the financial security of their families.
The most popular life insurance companies in Pennsylvania by market share are Prudential Financial Inc. and Lincoln Financial, each with 7% market share; and Northwestern Mutual with a 6% market share. The seven most popular companies in the state comprise 37% of the total life insurance market share in Pennsylvania.
You can look up the most popular life insurance companies in Pennsylvania and their respective market shares in the table below.
| Lincoln Financial | Market Share7% |
| Prudential | Market Share7% |
| Northwestern Mutual | Market Share6% |
| MassMutual | Market Share5% |
| New York Life | Market Share4% |
Market share is an indicator of a company’s dominance in the market compared to its competitors. For this analysis, MoneyGeek used market share data from the 2020 S&P Global reports on total premiums written in Pennsylvania.
Life insurance quotes in Pittsburgh for young people can vary from an average monthly cost of $15 to $24. The cheapest life insurance companies for young people in Pittsburgh are:
You can find the average life insurance rates for young people by company in the table below.
| Transamerica | Monthly Cost$15 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$19 |
| Prudential | Monthly Cost$21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Pittsburgh who is 5 feet 10 inches tall and weighs 165 pounds with a 20-year term contract at the average coverage need of $310K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Since life expectancy is a major factor in the cost of life insurance, younger people typically pay lower rates. As you age, your premiums will increase. One of the best ways to save money on your life insurance is to buy life insurance when you are young.
Life insurance rates for seniors in Pittsburgh can range from $38 to $89 per month. If you are a senior, the cheapest life insurance companies in Pittsburgh are:
You can look up life insurance rates for seniors by company in the table below.
| MassMutual | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$44 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$52 |
| Progressive Life | Monthly Cost$69 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Pittsburgh who is 5 feet 10 inches tall and weighs 194 pounds with a 10-year term contract at the average coverage need of $93K.
Seniors typically pay higher rates for life insurance because they have a lower life expectancy. Most seniors are sufficiently covered with lower amounts, such as our sample policy’s $93K coverage level.
Seniors can get insured for lower coverage levels since they are less likely to have young dependents, which limits the need to cover future income for beneficiaries.
Smokers in Pittsburgh pay between $128 to $236 per month for life insurance. The most affordable life insurance companies in Pittsburgh if you are a smoker are:
You can look up life insurance rates for smokers by company in the table below.
| State Farm | Monthly Cost$128 |
| MassMutual | Monthly Cost$129 |
| Nationwide | Monthly Cost$134 |
| Mutual of Omaha | Monthly Cost$136 |
| Transamerica | Monthly Cost$146 |
Rates were determined by analyzing quotes for a 33-year-old male smoker in Pittsburgh who is 5 feet 10 inches tall and weighs 194 pounds with a 20-year term contract at the average coverage needed of $718K.
Since smoking is a risk factor for many health conditions that reduce life expectancy significantly, insurers usually charge higher rates to insure smokers. However, you can still find affordable life insurance by comparing the cheapest life insurance companies for smokers. Smokers can also save on costs by buying a longer (20-year) term policy to provide extended coverage since rates increase exponentially for smokers as they age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
